Report: Virginia home sales up slightly in January, with upward pressure on prices

The home-sales market in Virginia saw a slight bump in January, a 1.8 percent increase over January 2024, according to a report from Virginia REALTORS® released on Monday.

The January 2025 Virginia Home Sales Report detailed 5,758 home sales across the Commonwealth, and told us that about half of all counties and cities in Virginia had more sales in January than they had a year ago.

Areas that saw increased sales include the Greater Piedmont region, the Northern Virginia suburbs, the Charlottesville area, and parts of the Richmond area.

There were 9,431 new listings that came onto the market in Virginia at the start of 2025, an increase of nearly 13 percent over the same time last year – 1,065 additional listings.

In total, at the end of January, there were 16,990 active listings on the market across Virginia, 3,088 more listings than last year, representing a 22.2 percent jump in inventory levels.

“The rise in available inventory is certainly one of the bright spots in Virginia’s housing market” says Virginia REALTORS® 2025 President Lorraine Arora. “However, we are still experiencing issues with inventory shortages. For context, January’s month-end statewide inventory was 35% smaller compared to five years ago.”

While inventory conditions are improving, strong pent-up demand in many local markets is causing upward pressure on prices.

Virginia’s statewide median sales price was $399,000 in January, up more than $27,000 since the same time last year, a 7.3 percent increase.

Compared to January 2024, 69 percent of local markets in Virginia had a higher median sales price.

“Mortgage rates are expected to go down this year, but their path is projected to be bumpy due to uncertainty around the impact of new policies on consumer sentiment and overall prices in the economy. Sales activity is likely to closely follow these interest rate movements,” Virginia REALTORS® Deputy Chief Economist Sejal Naik said.